India’s Emergence as a Blockchain Hub: Highlights from the Inaugural IBW and ETHIndia 2023
Disclosure: This article is co-authored by Gary Rhee, Platform Manager and Dan Park, Research Associate at Hashed. Hashed has established, maintained, and enforced strict internal policies and procedures designed to identify and effectively manage conflicts of interest related to its investment activities. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, references to any securities or digital assets are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services.
India Blockchain Week & ETHIndia 2023 Overview
In December 2023, Bangalore established itself as a hub of blockchain innovation, hosting the India Blockchain Week and ETHIndia. The India Blockchain Week, the inaugural world-class, pan-industry and multi-chain web3 conference was led by Hashed Emergent — a Web2.5 fund launched by Hashed dedicated to builders from emerging markets with a focus on India. The event week spanned from December 4th to 10th. The main conference of India blockchain Week was held on the 6th and 7th at the Sheraton Grand, Whitefield.
India Blockchain Week included a range of activities, including a hackathon, marking an important milestone in India’s blockchain journey. At the same time, ETHIndia, Asia’s largest Ethereum hackathon, organized by Devfolio and supported by ETHGlobal, further underscored the depth of India’s blockchain innovation by attracting a wide range of developers and blockchain enthusiasts.
For us at Hashed, these events were not merely about attendance, but rather represented a deep dive into the vibrant and evolving landscape of India’s blockchain community. It was an opportunity to see up close how the country is rapidly carving out its role in the Web3 ecosystem and to connect with the innovative minds driving this transformation. Let’s explore the exciting experiences and learnings we gathered in Bangalore this year.
IBW Conference with Hashed Emergent — A New Chapter in Indian Blockchain Scene
The inaugural India Blockchain Week marked a significant leap in the sector. Hosted by Hashed Emergent, this event was designed to forge a connection between emerging markets and the forefront of blockchain innovation, with a particular emphasis on India’s evolving role in this dynamic field. The week-long festival, culminating in a two-day main conference at the Sheraton Grand, Whitefield, was designed to catalyze innovation, foster collaboration, and showcase the latest advancements in blockchain technology.
India Blockchain Week Conference was a highly productive and engaging experience for all participants, featuring around 100 side events, 15+ conferences, and more than 10 hackathons.
The conference featured a stellar lineup of speakers, including Vitalik Buterin, the Co-Founder of Ethereum; Sandeep Nailwal, the Co-Founder of Polygon; Mo Shaikh, the CEO & Co-Founder of Aptos; Dr. Emin Gün Sirer, the CEO & Co-Founder of Ava Labs; and Sébastien Borget, the Co-Founder & COO of The Sandbox, among many others. Even it was the very first time organizing an event in India, over 100 speakers showed up to join the heat of the conference. Their discussions delved into a range of topics, from the technical nuances of their respective blockchain platforms to broader strategies for Web3 adoption and growth.
Their discussions and presentations at the India Blockchain Week offered attendees a deeper understanding of blockchain’s potential, with a particular emphasis on its impact in global markets. While not all discussions were centered on India, the event’s location in India’s thriving tech landscape highlighted the country’s growing significance in the domain.
The conference featured significant representation from Hashed Emergent and Hashed, along with their affiliates, each bringing unique perspectives and expertise to enrich the dialogue around blockchain technology. Leading the charge from Hashed Emergent was Tak Lee, the CEO & Managing Partner, alongside Shubham Jain and Sharanya Sahai from the Investment Team, and Gaurav Gandhi and Ayush Ghiya from the Research Team.
From Hashed, speakers included Simon Kim, the CEO & Managing Director; Ryan Kim, the Founding Partner; Baek Kim, the General Partner; Jin Kang, the Head of Legal; Medha Srivastava, the General Counsel; Alejandro Vargas, the EIR; Edward Tan, the Investor and Researcher; Dan Park, the Investor and Researcher, Gary Rhee, the Platform Manager; and Wooster Han, the Community Lead. Additionally, the event featured notable contributions from Hashed affiliates: YB Kim, the CEO at Hashed Open Research; Nathan Lee, the CSO at Factomind; and Nathan Kim, the Marketing Director at UNOPND.
Among all the insightful sessions at the event, the first two inaugural speeches were particularly notable, setting the tone for the conference’s focus on India’s rapidly-growing digital landscape. Tak Lee, the CEO & Managing Partner at Hashed Emergent, opened with a keynote titled “Accelerating India’s Digital Renaissance,” highlighting the rapid growth and dynamic changes in India’s digital sector.
Immediately following, Shubham Jain, the Senior Investment Associate, presented “India’s Web3 Landscape,” offering a detailed analysis of the current state and emerging opportunities within India’s Web3 ecosystem. These back-to-back presentations provided a comprehensive and cohesive view of India’s digital evolution, emphasizing the significant growth and vast potential for innovation and development in India.
For those keen on gaining insights into India’s Web3 industry, Hashed Emergent, in collaboration with knowledge partners CoinSwitch, Devfolio, Kratos Studios, and KPMG, has made available the key takeaways from the India Web3 Landscape Report 2023. This comprehensive report is accessible for anyone interested in the burgeoning Web3 sector in India.
Specifically, Hashed Emergent hosted several meaningful side events with supportive assistance from Hashed during this exciting week:
- IBW Pre-Conference VIP Dinner
- IBW Official After-Party
- Text to Code | Tokenomics Workshop with Lisa Tan
- Women in Tech IBW
- Global Symposium for Cryptolaw
The India Blockchain Week also featured diverse events such as hackathons and workshops. These activities aimed to build a multi-chain environment and enhance the blockchain ecosystem in India. The week included networking sessions and community-building events to foster collaboration and innovation.
💡 Comment from Gary Rhee (Platform Manager at Hashed)
Participating in this year’s India Blockchain Week provided me with a firsthand glimpse into the burgeoning blockchain scene in India. Many Web3 investors and projects have long been eager to explore the Indian market but faced a challenge because there was no multi-chain, global-scale blockchain conference in India prior to the launch of the India Blockchain Week conference hosted by Hashed Emergent.
During the conference, I had the privilege of meeting countless projects, and what stood out was the remarkable concentration of Web3 developer talent within the Indian blockchain community. This concentration of skilled developers far exceeded what I’ve observed in other markets, highlighting the immense potential for growth and innovation.
Despite the challenges such as heavy crypto taxation and the nascent interest from existing Web2 corporations, the foundation of a robust developer pool and the enthusiastic participation of students at the conference both paint a promising picture for the future of the Web3 industry in India.
ETHIndia 2023 — A Journey Through Ethereum’s Latest Innovations
After visiting ETHIndia 2022, we revisited ETHIndia to engage with the exciting and worthwhile endeavors there. ETHIndia 2023 materialized as a pulsating celebration of ingenuity and collaboration within the growing Ethereum ecosystem.
From December 8 to 10 at the KTPO Convention Centre in Whitefield, Bengaluru, the event attracted 2,000 attendees including a staggering 1,750 hackers passionately delving into the realms of Web3. Notably, 30% of the developers were embarking on their first crypto journey at this event. The convergence was not just regional to India; it was a global event with participants from 35 countries transforming the conference venue into a true melting pot.
This hackathon was more than a contest; it was a symphony of creativity. With teams capped at a maximum size of five members, participants worked tirelessly, showcasing their commitment to addressing complex challenges and demonstrating the strength of their projects.
ETHIndia 2023 unfolded as an extensive learning experience, featuring 23 workshops. Collaborations with partners such as 1inch, Arbitrum, Filecoin, Polygon, and Scroll added a layer of richness to the event, providing invaluable technical insights and guidance. This support played a pivotal role in refining ideas and transforming them into tangible projects.
While DeFi, ZK, and payments took center stage as the overarching themes, the hackathon transcended geographical borders with teams from different countries and continents. India’s Regional use cases added a distinctive flavor, illustrating the diverse and inclusive nature of the projects presented.
The event’s crowning achievement was the submission of a staggering 478 projects, with 13 finalists emerging — three more than initially anticipated. Let’s dive into the captivating details of these exceptional projects:
3-Transform stands out for simplifying the integration of Web3 features into Web2 projects. With one-click smart contract generation, Hardhat project conversion, and step-by-step deployment instructions, it epitomizes practicality and ease of use. Bet On Balls offers a decentralized alternative to traditional betting platforms, Bet On Balls is a blockchain-based betting platform. It addresses trust and transparency issues prevalent in conventional platforms. Pixel Police, crafted by the ex-ETHIndia winner Banana Smart Wallet’s founding team, is a protocol that verifies the authenticity of images or videos. It empowers citizen journalism with traceable image histories, safeguarding against AI-generated media.
Graphite is a lightweight Python library that enables efficient proofs of graph properties using SNARKs, making trustless graph computation on-chain feasible with superior gas cost results compared to Solidity. Use cases range from analyzing airdrops to wash trading detection. PhoenixFi addresses challenges in the Filecoin ecosystem. It enables Storage Providers to request loans for staking, implementing risk mitigation strategies and introducing a unique incentive model. zkP2M offers a trustless INR to USD on-ramp, providing no KYC, low fees, and fraud reduction, overcoming the drawbacks of centralized solutions like Binance P2P.
FLockChain leverages PoS to enhance Federated Learning (FL). It mitigates malicious behavior and free riders, employing Stackr for a micro-RU Model Parameter Sharing (MPS) chain. h-IVM: Hybrid Intent Virtual Machine resolves the dilemma faced by developers in dApps, seamlessly combining the flexibility of generic networks with the simplicity of specialized models. It provides a Domain Specific Language (DSL) for declarative programming.
Safe2Link enables secure transactions among Safe accounts via links with AA, simplifying the process of sharing crypto instantly. KhabriChain aims to boost crime detection and prevention in India, creating an intelligent, privacy-preserving framework where citizens can anonymously report criminal activities. Masala Wallet prioritizes user-friendly recovery through ZK-SNARKs, Masala Wallet upholds decentralization principles and ensures enhanced security in wallet management, mitigating asset loss risks.
Multilane makes assets interoperable without traditional bridging. It allows developers to seamlessly access and utilize funds across different blockchains through a streamlined process. CrypticCloak operates as a micro-RU, offering an off-chain, verifiable registry for all EVM-compatible chains, employing cryptographic computations to reduce gas and execution time, ensuring user identities remain private.
The enthusiasm of the participants and the quality of the projects presented showcased the continued growth and significance of ETHIndia as a leading event in India’s blockchain development.
From Hashed, Dan Park from Investment Team participated as a judge, and had the privilege of witnessing firsthand the dedication and ingenuity of over 20 teams. The remarkable quality and innovation demonstrated by these teams reinforced ETHIndia’s status as a premier global platform for builders, highlighting its role in nurturing top-tier talent and innovative ideas in the blockchain field. The projects at ETHIndia 2023 not only reflected the current state of the crypto ecosystem but also hinted at the exciting developments yet to come.
💡 Comment from Dan Park (Research Associate at Hashed)
This was my second visit to ETHIndia, which made it even more special for me personally. Last year, during my first visit to India, I was impressed by the number of Indian development teams at ETHIndia 2022. (Deep and I also developed co-research on interesting topics on ETHIndia for the last year. Click here for more!) And when I returned this year, ETHIndia was a step up from last year — more teams showed a higher level of maturity than last year, and I saw some interesting examples of teams going beyond using the India stack to solve real problems in India using ledger technology.
This visit to ETHIndia was a great opportunity to connect with some great talent, and I would like to applaud the effort of amazing builders for setting up and building the whole thing from the scratch within 3 days. I think that as more and more great Indian talent comes to the ETHIndia every year to prove their skills and try something new with the project team members, great global projects can be born.
Concluding Remark: Reflecting on India’s Blockchain Ascent
The inaugural India Blockchain Week, hosted by Hashed Emergent, and ETHIndia 2023 were more than gatherings of blockchain enthusiasts and experts. They showcased India’s rapidly growing influence in the global Web3 landscape. The insights, innovative projects, and discussions underscored the country’s potential as a leader in blockchain innovation.
For Hashed, these events were opportunities to engage with India’s vibrant blockchain community and witness a new chapter in blockchain technology. The displayed enthusiasm, creativity, and expertise throughout the week reaffirmed our belief in the bright future of blockchain in India.
Looking forward, the experiences and learnings from these events will shape our approach and commitment. India’s blockchain journey is gaining momentum, and we at Hashed, along with Hashed Emergent, are excited to be part of this transformative journey. The potential for innovation and growth in India’s blockchain ecosystem is immense, and we eagerly anticipate the future developments.
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About Us
Hashed
Hashed is a team of blockchain experts and builders based in Seoul, Silicon Valley, Bangalore, and Singapore. We believe that decentralization can transform not only the global economy but the very fabric of the internet. Our mission is to accelerate the mass adoption of blockchain by investing our resources and empowering a new wave of entrepreneurs and innovators to create this future. We approach this work as builders, not just pickers. We participate as core technical contributors to global infrastructure, and we’ve built a network of projects and people that connects industry pioneers with the knowledge and resources necessary to unlock the potential of blockchain.
Hashed Emergent
Hashed Emergent is an early stage venture capital fund focused on investing in companies at the intersection of web2 and web3 in emerging markets, particularly India. Based in Bangalore, Singapore and Dubai, our team of diverse professionals is dedicated to empowering builders who are enabling the mass adoption of blockchain and accelerating the decentralized future.
